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Updated about 3 years ago on . Most recent reply

User Stats

8
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2
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Noah Stout
2
Votes |
8
Posts

LLC Loan Question! Urgent

Noah Stout
Posted

Hello, first time buyer here;

I am looking to buy a house hackable duplex. I would like to purchase this under an LLC and would be living at the property for at least a year. Ideally i would like to use a FHA or low down payment conventional loan but I'm curious if those types of loans are even available for a newly formed LLC with no income history. The LLC is a partnership with my brothers and we all have very steady income, outstanding credit history and cash in reserves.
What are our options?

Is buying the property in one of our names and transferring the loan to the LLC after the year of living there an option? If so, are there any refinancing or tax complications when changing ownership?

Is there any better ways to get a low down payment loan in a LLC? Sorry if this appears as a dumb question but im a novice and happy to learn! Thanks for any time

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